US STOCKS-Futures hover near record highs as investors count on trade deal

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* Futures up: Dow 0.12%, S&P 0.16%, Nasdaq 0.12%

By Manas Mishra
Dec 26 (Reuters) - U.S. stock index futures were near record
highs on Thursday on optimism that an initial U.S.-China trade
deal would be signed soon, easing a dispute that has rattled
global markets for the past 17 months.
Reaffirming expectations of an imminent Phase 1 trade deal,
China's Commerce Ministry said on Thursday it was in close touch
with the United States about the pact. Treasury Secretary Steven
Mnuchin said last week that the agreement would be signed in
early January. Hopes of a breakthrough in the prolonged trade war, combined
with a loose monetary policy and robust domestic data, have
powered U.S. stock markets to record highs in the past few weeks
and set the S&P 500 on course for its best year since 2013.
The recent gains have also come as a relief for investors,
who were anxious about a repetition of the volatility from
December 2018, when escalating trade tensions between the
world's top two economies led to the worst December on Wall
Street since the Great Depression.
On Tuesday, the Nasdaq recorded its ninth straight all-time
closing high, in a shortened session ahead of the Christmas
holiday. Trading volumes are expected to remain thin this week.
Underlining relatively strong consumer confidence, a report
on Wednesday showed U.S. shoppers spent more online during this
year's holiday shopping season, with e-commerce sales hitting a
record high. At 7:16 a.m. ET, Dow e-minis 1YMcv1 were up 35 points, or
0.12%. S&P 500 e-minis EScv1 were up 5 points, or 0.16% and
Nasdaq 100 e-minis NQcv1 were up 10.25 points, or 0.12%.
Among the few corporate movers premarket, Tesla Inc TSLA.O
shares edged up 0.5% as Wedbush boosted its price target on the
electric carmaker's stock, partly on expectations of strong U.S.
demand for the Model 3 sedans.